Hanoi(VNA) – Deputy Prime Minister Vuong Dinh Hue visited the northern city of HaiPhong and Bac Ninh province on January 25 to explore the foreign investmentsituation as well as acquire the localities’ related proposals.

The tours aim to help with completing a project on “orientations to refineinstitutions and policies to raise the quality and efficiency of attracting andusing foreign investment till 2030” that will be submitted to the PoliticalBureau.

According to Deputy PM Hue, FDI contributed 13.6-14 percent of Vietnam’s Statebudget and around 20 percent of GDP. FDI has helped increase investments fordevelopment; improve production and growth in prioritized sectors; sharpen thenational economy’s competitiveness; speed up economic shifting; renovatetechnology and equipment; boost export strategy; and create jobs for labourers.

Chairman of the HaiPhong People’s Committee Nguyen Van Tung said the draft project needs to makedeeper analysis of new circumstances to draw foreign resources.

He raised difficulties facing the city during the process of attracting foreigninvestment, including the management of foreign investors and the making ofmechanisms that conforms to international norms while ensuring the efficiencyof State management.

He suggested adopting strategies and planning schemes in which foreigninvestment have to meet requirements on environmental protection, protectlabourers, ensure social interests, and bring in high technology.

FDI has accounted for over 30 percent of total development investment of HaiPhong. In 1993-2018, industrial zones and the Dinh Vu-Cat Hai Economic Zonehave attracted 311 FDI projects with total registered capital of 13.58 billionUSD.

Meanwhile, Chairman of the Bac Ninh province Nguyen Tu Quynh proposed theGovernment soon amend the laws on investment, enterprises, construction,housing, land, environmental protection, intellectual property, and biddingtowards unifying regulations on authority pertaining to deciding investmentplan, approving investment plan and approving projects to enable localities tocarry out administrative procedures smoothly and save time for businesses.

As by 2018, Bac Ninh had lured about 1,300 FDI projects totalling 17.2 billionUSD, ranking sixth in the country. Most of the projects went to themanufacturing industry, which accounted for 92.8 percent of the investmentcapital. So far, 34 countries and territories have invested in the province.

Deputy PM Hue said trade agreements joined by Vietnam are offering newopportunities and foreign investors expect that policies in the country wouldbe consistent and implemented stringently.

The tours will helpperfecting mechanisms and policies on attracting and using FDI till 2030 forthe National Assembly to revise the Law on Investment and the Law onEnterprises, and also for providing a basis for the Political Bureau to issue athemed resolution on foreign investment, which will serve as a guideline on therole and position of foreign investment in the country, he said.-VNA